Putin bans Russian oil exports to countries that imposed price caps

The Russian President, Vladimir Putinsigned a decree Tuesday banning the supply of oil and oil products to nations that have imposed a price cap on Russian crude, set in early December at $60 a barrel by the European Union, the G7 and Australia.

“The supply of Russian oil and oil products to foreign legal entities and other individuals is prohibited” if they implement the price cap, includes a decree signed this Tuesday by the Russian president, Vladimir Putin.

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The decreewhich will be in force between February 1 and July 1qualifies that the prohibition may not be applied in individual cases by virtue of “special decisions” of the presidency.

The $60 a barrel cap is intended to restrict Russian revenue by ensuring that Moscow continues to supply gas to the global market.

Implemented at the same time as an embargo of the European Union On maritime deliveries of Russian crude oil, the limit is set so that Moscow cannot circumvent the embargo by selling its oil to third countries at a higher price.

Russia has assured that the price cap will not affect his military campaign in Ukraine and was confident of finding new buyers.

Source: Elcomercio

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